FBI, DOJ probe Argentine Football Association over $300M in US bank flows

The FBI and U.S. federal prosecutors are running a preliminary investigation into the Argentine Football Association (AFA) over an estimated $300 million in transactions routed through the U.S. banking system. Prosecutors with the U.S. Department of Justice and FBI agents are conducting a preliminary investigation into the AFA’s financial operations, seeking to determine how the association, led by president Claudio “Chiqui” Tapia, channeled more than $300 million through the U.S. financial system and whether transactions may have constituted money laundering or bank fraud.

No criminal charges have been announced against the AFA or its executives, and federal prosecutors and FBI agents based in Washington and Miami have begun interviewing individuals with knowledge of the organization’s international business.

What investigators are tracing

At the center is TourProdEnter LLC, a Florida company formed in August 2021 that served as the AFA’s international commercial agent, which La Nación reported received close to $300 million between 2022 and the first half of 2024 through accounts at Bank of America, Synovus Bank, JPMorgan Chase, Citibank, and PNC Bank.

La Nación reported the company managed at least $260 million in AFA revenue through those five banks, with another $57 million transferred to various companies whose transactions remain under review.

Investigators are examining whether transactions moving through the U.S. financial system, including sponsorship payments from companies such as Adidas and Warner Bros. Discovery, could constitute crimes under U.S. law.

Who is running the probe

The investigation began in 2025 and is being led by federal prosecutors Patrick Gushue and Christopher Ting in Washington and Michael Berger of the Southern District of Florida, who specialize in financial crimes.

Berger previously helped secure the Miami money-laundering conviction of former Ecuadorian comptroller Carlos Ramón Pólit. Businessman Guillermo Tofoni has reportedly already testified, and the DOJ is considering calling former officials from the administration of President Javier Milei as witnesses.

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Why U.S. jurisdiction matters

Because many international sponsorship and media-rights payments allegedly moved through a U.S.-registered company and the American banking system, federal prosecutors may have jurisdiction over transactions that occurred outside Argentina, the same framework used in the landmark 2015 FIFA bribery prosecutions.

AFA president Claudio “Chiqui” Tapia and other federation officials have denied wrongdoing and argued they are being politically targeted amid a broader dispute with Argentine President Javier Milei over the future of professional soccer.

Options market and stocks to watch

The named banks are the operational chokepoint here. Watch for headline risk if any institution is cited for AML lapses, though at this stage none have been accused of wrongdoing.

• BAC: Bank of America was among the institutions cited as holding TourProdEnter accounts. Watch flow around any DOJ or OCC follow-up.
• JPM: JPMorgan Chase was also named in the reporting on the account trail. Watch for any compliance angle.
• C: Citibank was cited as one of the five banks that processed AFA-linked flows.
• PNC: PNC Bank was named among the account-holding institutions.
• SNV: Synovus is the smallest of the named banks by market cap and could be the most sensitive to headline flow.

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